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LoopNet Launches AppraiserLoop Product Suite, Including Appraisal Institute Commercial Database

New Online Services Help Streamline Commercial Property Appraisals And Help Appraisers Manage Assignment Information

SAN FRANCISCO and CHICAGO, Jan 17, 2002 /PRNewswire via COMTEX/ -- LoopNet, Inc. and the Appraisal Institute today announced that LoopNet's AppraiserLoop division launched a full suite of Web-based products and services for commercial property appraisers. The new services, including the Appraisal Institute Commercial Database, streamline the commercial real estate valuation process and help appraisers manage and maintain assignment information across technology platforms.

Appraisers can access AppraiserLoop at www.Appraiser.LoopNet.com .

"The AppraiserLoop suite of services provides commercial real estate appraisers with a single bank of information and a set of Internet software tools that exist nowhere else in the market today," said John K. Wood III, Vice President of LoopNet's AppraiserLoop division. "Taken together, it's a powerful package that enables appraisers to produce appraisals, manage assignments, and store information and documents with much greater ease and efficiency."

The Appraisal Institute Commercial Database, which is being developed for the Appraisal Institute by LoopNet's AppraiserLoop division, essentially operates as a data cooperative for appraisers, who can contribute, store and retrieve information from it in the process of performing appraisals. The Commercial Database is a first-ever, national initiative; ultimately, it will provide the commercial real estate industry a source for appraiser-verified commercial property sale, lease and operating statement information. Appraisal Institute member-subscribers are the exclusive providers of comparable data for the Commercial Database, utilizing the Appraisal Institute Commercial Data Standard.

LoopNet operates the largest online commercial real estate listing service (www.LoopNet.com). The Appraisal Institute (www.AppraisalInstitute.org) is the leading organization for professional real estate appraisers.

AppraiserLoop's New Services
Industry studies have shown that a majority of appraisers spend over 20 percent of their time researching and aggregating data. The new AppraiserLoop product suite speeds the process, delivering to appraisers relevant data from a range of industry-leading sources. AppraiserLoop also serves as an application service provider, offering Web-based systems for appraisers to manage and maintain assignment information. AppraiserLoop services include:

  • Assignment Management System: Acts as a virtual office, allowing users access to their assignments and related data anytime, anywhere via the Internet. Users are able to create virtual assignment folders to store and retrieve subject, comparable and lead data. Additional company members can be added to an assignment team, with the team leader controlling data rights. Data can remain private within an individual appraiser's folder, or published to the subscriber's Private Company Database for access by co-workers. If and when they choose, Appraisal Institute member-subscribers can publish data to the Appraisal Institute Commercial Database, making it available to other real estate professionals via the Internet.
  • FastStart: Enables commercial appraisers to pre-populate data records from a variety of sources, including LoopNet's database of available for-sale properties, IDM's national property tax assessor and recorder records database, the subscriber's new Private Company Database and, ultimately, the Appraiser Institute Commercial Database. Other FastStart tools provide access to custom online mapping for subject and comparable properties, demographics, traffic counts, and shopping center data from the National Research Bureau (NRB) Shopping Center Directory database.
  • Private Company Database: Operates in tandem with the Assignment Management System, FastStart tools, and the Appraisal Institute Commercial Database, allowing instant access to data and attached files from prior commercial appraisal assignments within a subscriber company.
  • Appraisal Institute Commercial Database: Provides Appraisal Institute member-subscribers with the functionality to input, store and retrieve appraiser-verified data on 200 commercial property subtypes across the U.S. With the launch of the Commercial Database, AppraiserLoop subscribers can begin to search for and retrieve information on comparable property sales. The capabilities to create, store and retrieve comparable lease and operating statement data will be available later this year. All data provided exclusively by Appraisal Institute members to the Commercial Database is appraiser-verified.

"This is the beginning of a new era for appraisers," said Appraisal Institute President Thomas A. Motta, MAI, SRA. "The Appraisal Institute Commercial Database allows Appraisal Institute members to leverage their collective strength as the preeminent providers of commercial real estate comparable information. This initiative also will bring greater efficiencies to the appraisal process, offering a high-tech data-sharing facility that enhances our members' ability to perform exacting valuations. Ultimately, the entire commercial real estate industry -- including mortgage lenders, ratings agencies and brokerage firms -- will benefit from the better business decision-making the database will allow."

AppraiserLoop Pricing
For sign-ups through March 31, 2002, the discounted monthly subscription rates effective through September 30, 2002, are $35.00 for Designated Members of the Appraisal Institute, $50.00 for Associate Members and $65.00 for all other subscribers. After March 31, subscription rates increase to $40.00, $60.00 and $75.00 per month, respectively.

AppraiserLoop subscribers have access to the Assignment Management System, FastStart tools, their very own Private Company Database, and the Appraisal Institute Commercial Database.

Already, since the Appraisal Institute and LoopNet announced development of this system, 250 appraisers have registered as "Early Subscribers" to the AppraiserLoop product suite. Among them is Randall L. Rex, MAI, President of Rex-McGill, Inc. of Orlando, Fla. "LoopNet has delivered an impressive system that already is increasing our productivity and enhancing our work product," Rex said. "AppraiserLoop services are easy to use, allow for detailed levels of data, are accessible instantly from office or home via the Internet, and are supported by a responsive customer service team. I'm looking forward to doing more research for sales, and to having a consistent national database of comparable information as the Appraisal Institute Commercial Database is built out and populated."


MortgageDaily.com
About the Appraisal Institute
Today and throughout its nearly 70-year history, the Appraisal Institute is the leading organization for professional real estate appraisers. Through its extensive educational programs, the Appraisal Institute's more than 18,000 members are skilled in the most up-to-date methods of real estate valuation for commercial and/or residential properties. Reflecting their unbiased and objective approach to real property appraisal and analysis, members of the Appraisal Institute adhere to a strictly enforced Code of Professional Ethics and Standards of Professional Appraisal Practice. The Appraisal Institute, based in Chicago, currently confers the prestigious MAI and SRA designations.

About LoopNet
LoopNet, a commercial real estate information services company, operates the largest commercial real estate listing, marketing and search service online, and attracts the largest community of commercial real estate professionals. LoopNet powers more than 1,200 commercial real estate Web sites as an application service provider. Customers include AMB Property Corp., CB Richard Ellis, Coldwell Banker Commercial, Colliers International, The CORE Network, Cushman & Wakefield, Grubb & Ellis, Insignia/ESG, Marcus & Millichap, RE/MAX, RREEF, Trammell Crow Company and Transwestern Commercial Services. LoopLender, LoopNet's online financing service, provides direct access and fast loan approval through 40 of the industry's top lenders, including JP Morgan, Morgan Stanley, First Union and Wells Fargo. AppraiserLoop provides Web-based information and data management services, including the Appraisal Institute Commercial Database, for commercial real estate appraisers.

Investors in the company include Amerindo Investment Advisors, the California Public Employees' Retirement System, CB Richard Ellis, Cohen Financial, GMAC Commercial Holding Corp., Grubb & Ellis, H&Q Access Technology Partners, Homestore.com, Indosuez Ventures, Insignia/ESG, Kennedy-Wilson, Marcus & Millichap, Morgan Stanley Dean Witter Venture Partners, Oak Investment Partners, Redpoint Ventures (formerly Brentwood Venture Capital), RREEF Internet Partners, Rustic Canyon Group, Sun America Investments, Trammell Crow Company, Trinity Ventures and Wilson Sonsini Goodrich & Rosati.

CONTACT:
Cary Brazeman
323.653.3080
[email protected];

or Mark Paulson
312.335.4476
[email protected]
URL: http://www.LoopNet.com

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